1. Paying for College: Financial Aid & Scholarships
3 December 2016
Gerardo I. Velazquez
SHPE-MS Professional Chapter

2. Why Major in STEM? STEM - Science Technology Engineering and Math
STEM careers are always in high demand
STEM careers are growing
STEM college internships pay very well
Student loans are easier to pay with STEM degrees
Engineering is a professional degree
Do not NEED MS/PhD to reach fullest career potential
-we know that student loans are easier to pay for students with top paying degrees

3. Top 10 Paying 4-year Degrees
Rank
4 Year Degree
Starting Ave. Pay
Mid-Career Ave. Pay 1
Petroleum Engineering
$96,700
$172,000 2
Systems Engineering
$66,400
$121,000
3 (tie)
Actuarial Science
$60,800
$119,000
Chemical Engineering
$69,800
5 (tie)
Computer Science & Engineering
$71,200
$116,000
Nuclear Engineering
$68,500 7
Electronics & Communications Engineering
$68,000
$115,000 8
Electrical & Computer Engineering
$68,100
$114,000
9 (tie)
Aeronautical Engineering
$63,000
$113,000
Computer Engineering
$69,600
-STEM has very well paying degrees. To pay off loans
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance and other industries and professions.
*Data from Payscale.com employee surveys

4. Education Cost Breakdown
Tuition & fees
Room & board
Books & supplies
Personal expenses
Transportation
Five areas where cost breaks down
Personal expenses-medical fees, living expenses, parking stickers
Transportation-cars, bus, public transport, traveling

5. How much will my education cost?
Average costs per academic year
$11,580 for 2-year Public
$20,090 for 4-year Public (In-State)
$35,370 for 4-year Public (Out-of-State)
$45,370 for 4-year Private School
*Include tuition, fees, room and board
Data from
National figures
From college board

6. In-State Cost per Year Alcorn University Belhaven College
4 Yr Public
Tuition & fees
$6,552
Room & board
$8,000
Books
$1,510
Est. Personal
$2,800
Transportation
________$2,232
Total $21,744
Belhaven College
4 Yr Private
Tuition & fees
$24,016
Room & board
$8,000
Books
$1,250
Est. Personal
$2,500
Transportation
$1,500
Total $37,266
Delta State University
4 Yr Public
Tuition & fees
$6,412
Room & board
$6,900
Books
$1,100
Est. Personal
$4,025
Transportation
$1,500
Total $19,937
Jackson State University
4 Yr Public
Tuition & fees
$7,141
Room & board
$7,538
Books
$2,300
Est. Personal
$3,300
Transportation
$1,500
Total $21,779

7. In-State Cost per Year Millsaps MS College MS State University
4 Yr Private
Tuition & fees
$37,110
Room & board
$12,970
Books
$1,200
Est. Personal
$1,144
Transportation
$650
Total $53,074
MS College
4 Yr Private
Tuition & fees
$16,740
Room & board
$9,190
Books
$1,100
Est. Personal
$3,823
Transportation
$2,000
Total $32,853
MS State University
4 Yr Public
Tuition & fees
$7,780
Room & board
$9,418
Books
$1,200
Est. Personal
$3,002
Transportation
$2,182
Total $23,582
Mississippi Valley
4 Yr Public
Tuition & fees
$6,116
Room & board
$7,394
Books
$1,400
Est. Personal
$3,300
Transportation
$1,100
Total $19,310

8. In-State Cost per Year Southern Miss University Tougaloo College
4 Yr Public
Tuition & fees
$8,228
Room & board
$9,980
Books
$1,200
Est. Personal
$2,140
Transportation
$1,430
Total $22,978
Tougaloo College
4 Yr Private
Tuition & fees
$10,790
Room & board
$6,400
Books
$1,200
Est. Personal
$2,140
Transportation
$1,430
Total $21,960
University of Mississippi
4 Yr Public
Tuition & fees
$7,744
Room & board
$10,002
Books
$1,200
Est. Personal
$2,800
Transportation
________$1,860
Total $23,606
University of MS for Women
4 Yr Public
Tuition & fees
$6,065
Room & board
$6,905
Books
$1,500
Est. Personal
$2,775
Transportation
________$1,800
Total $19,045

9. Institution Level & Control
Post-College Debt
Is not dependent on degree program at most public universities
Private schools typically require more loans
More science and engineering degrees are available at 4-year public schools than any other type
Examples from financial aid website
Percent of students who borrow at the different kinds of schools
Institution Level & Control
Percent Borrowing
Cumulative Debt
4-year Public
61.1%
$19,839
4-year Private
70.6%
$27,349
*Data from finaid.org/loans

10. Science & Engineering = Manageable Debt
Assume average post-college debt: $22,656
Assume 7% interest for 10 years => $3,156/year
Assume 40% of pay towards taxes and retirement
Degree
Start Pay
Take-Home Pay
% Pay toward debt
Mid-Career Pay
Mid-Career Take Home Pay
Mechanical Engineering
$58,400
$35,040
9.0%
$94,500
$56,700
5.5%
Computer Science
$56,600
$33,960
9.2%
$97,900
$58,740
5.3%
Liberal Arts
$37,800
$22,680
13.9%
$63,200
$37,920
8.3%
Humanities
$34,900
$20,900
15.1%
$57,800
$34,600
9.1%
Interest rate of 7%..borrowed $22K…
Mechanical eng will have a higher take home pay to pay for borrowing money.
More resources available to pay for student loans for those in STEM careers
*Data from finaid.org/loans

11. Sources of Aid Government Federal & State Institutional (Varies by
School)
Private
Agencies
Institution-university of college they attend
We will talk about Government and Inst. first

12. Access to Financial Aid
FAFSA
Free Application for Federal Student Aid (FAFSA)
Used by federal government, state agencies, colleges, and some scholarship agencies to determine how much and what kind of aid you are eligible to receive
A snapshot of your finances
Student and Parent Income
Savings and Investments
Benefits
State Tax Rates
Have to apply using FAFSA

13. FAFSA Eligibility
Have a high school diploma or a General Education Development (GED) certificate
Are working toward a degree or certificate in an eligible program 
Are a U.S. citizen, U.S. Permanent Resident with an Alien Registration Card, or an eligible non-citizen (refugee, asylum granted)
Have a valid Social Security Number
Some states offer their own financial aid applications for students who do not meet these qualifications
Most universities that are accredited. This is not a problem (bullet 2)
Last bullet-for undocumented students or students that don’t meet these requirements.
They need to contact financial aide office in state where they live.
If they have DACA, they cant apply for FAFSA, but they can complete state financial aide
Should contact university for options available

14. FAFSA Process Complete online at www.fafsa.gov
Online FAFSA is processed in a few days versus a paper FAFSA that can take a few weeks
Get a PIN number online
A new FAFSA application must be submitted for each academic year
One application per student, not per family
Check your college’s Priority Dates to get the best aid
All on internet
Application to be done after Jan 1.
parent should have completed income taxes to put information in FAFSA

15. Student Aid Report (SAR)
Report that results from your FAFSA
Sent to students by
Retain for personal records
The SAR will include the Expected Family Contribution (EFC)
This information will be shared with your college
Now report comes by
EFC-what fed gov determined family is expected to pay for education expenses for that student for one year

16. Additional Requirements
You may be asked to provide additional documents by your college/university
Each college has its own financial aid deadline
Always contact the Financial Aid Office or your financial aid representatives at your college for assistance
Common-ask for tax transcript to verify info on FAFSA. Summarizes the income taxes

17. How financial aid is determined
COA: Total Cost of Attendance for one academic year at the student’s institution (varies by school)
EFC: Expected Family Contribution – the amount is determined on your FAFSA
COA – EFC = Need*
*This amount will vary by school
COA-made up of all the areas we mentioned earlier (the 5 areas-tuition, books..)
EFC-in student aide report
Gives financial need
All of this is for one year
Broken down into a financial aide package using combination of different kinds of aide

18. Types of Financial Aid Gift (Free) Aid Self-Help Aid
Based on the Need, a student will receive a Financial Aid Package consisting of different forms of assistance
Gift (Free) Aid
Grants
Scholarships
Self-Help Aid
Work Study
Loans
Grants-free money for students based on financial need
Scholarships-free money for students based on academic merit
-grades, SAT, ACT scores
Loans-money that must be paid back
Work study-required students to work part-time
-on campus, off campus, research,, teacher assistant

19. Example: Financial Aid
COA – EFC = Need
$14,000 - $5,000 = $9,000 Need
Sample Financial Aid Package
Institution scholarship $1,500
State grant $3,500
Work study $2,500
Federal Loan $1,500
Total: $9,000
Students DO NOT have to accept the entire financial aid package.
They can select the types of aid they want and seek additional funding elsewhere.
Inst scholarship from university
Grant from state
Adds up to 9K

20. Other Sources of Aid Federal & State (Varies by School) Agencies
Government
Federal
& State
Institutional
(Varies by
School)
Private
Agencies
That’s how Financial aide works when they are from Fed/state and university
Private groups offer scholarships

21. Scholarships
Awarded based on merit, financial need, community service, academic achievements, etc.
Examples of sources
Non-Profits:
Society of Hispanic Professional Engineers Foundation
Hispanic College Fund
GMiS
Companies: Nissan, Target, Southwest
Colleges/Universities
Private groups
Schools sometimes offer scholarships to attract students

22. Starting the Search Research which scholarships you are eligible for
It is never too early to start searching for scholarships
Avoid organizations that charge fees for scholarship searches or that guarantee a scholarship = SCAMS
Keep a calendar of deadlines
Received vs. Postmarked
Keep a notebook with contacts, requirements and instructions for each scholarship for which you will apply
They have to apply in starting in 12th grade.
But start researching early
Strategize to create profile for getting scholarship
Avoid scams-you never pay for scholarships
Received deadline vs postmarked deadline---pay attention
Build portfolio for scholarships

23. Be prepared, students should…
Choose very carefully who will write a letter of recommendation for them
Write a detailed essay - achievements, strengths, goals, and how student plans to reach the goals
Create and constantly update resume
Request updated transcripts with enough time to mail out
Keep an updated photograph that shows professionalism; some scholarships request a photo to print in award programs
Letters-share enlightening info about student. Important to chose someone who writes good letters
Essay-essay-write and have English teacher review. Take advantage of that

24. Scholarship Selection Process
Late or incomplete applications are disqualified!!
Ineligible applications are disqualified
Selection Method
Essay, letter of recommendation and resume reviewed
Examples of leadership, responsibility, focus, and motivation to succeed despite challenges are looked for in the essay
If you know you don’t meet requirements, don’t waste time. Use other method and apply for something else..other scholarship

25. SHPE Foundation Scholarships
Type: Merit-Based and Need-Based Scholarships
Amount: $1,000 - $5,000
Who Can Apply: SHPE Members (High School Seniors, Undergraduates, Graduate students, and Professionals)
Major: Science, Technology, Engineering, or Math (STEM fields)
Deadline: May 1, 2017
POC:

26. SHPE-MS Scholarships COMING UP SOON!
Type: Merit-Based and Need-Based Scholarships
Amount: $500 - $1,000
Who Can Apply: High School Seniors
Major: Science, Technology, Engineering, or Math (STEM fields)
Deadline: May 1, 2017
POC:

27. HENAAC Scholars Program
Requirements:
demonstrate merit and overall grade point average of 3 or higher
must be pursuing a STEM degree
must be of Hispanic origin and/or must significantly demonstrate leadership or service within the Hispanic community
Types: All merit based (Corporate/Government Sponsored; Special Recognition; In Memoriam and Personal Tribute Scholarships)
Amount: $500 - $10,000
Deadline: April 30, 2017
POC:

28. Navy ROTC Scholarship http://www.nrotc.navy.mil/scholarships.html
Provides 4-Year Scholarships at selected colleges and universities
Can cover up to full tuition and mandatory fees
Monthly stipend from $250 - $400 and $750 for text books each academic year
On graduation, two- and four-year College Program midshipmen may be commissioned ensigns in the Naval Service or second lieutenants in the Marine Corps
Required to provide a minimum of four years service commitment to the U.S. Navy
Eligibility
U.S. citizen or naturalized citizen
SAT: 520 Math; 530 Verbal/Critical Reading ; ACT: 21 Math; 22 English
Deadline: January 31, 2017
Deadline the same every year

29. Additional Resources Hispanic College Fund hispanicfund.org
Hispanic Heritage Foundation hispanicheritage.org
Hispanics Inspiring Students’ Performance
and Achievement hispa.org
MALDEF (Especially for non-US citizens) maldef.org
The Sallie Mae Fund thesalliemaefund.org
Career One Stop (Department of Labor) careerinfonet.org/scholarshipsearch
Other options for scholarships

30. Questions?